Anthropic’s IPO Filing Reveals Over $500 Billion AI Compute Spending Across AMZN, GOOGL, MSFT, AVGO and SPCX: Top Analyst Says It Has ‘Barely Started’

Anthropic PBC’s IPO filing shows hundreds of billions of dollars in commitments to buy computing power from Broadcom Inc. AVGO, Alphabet Inc. GOOGL, Amazon.com Inc. AMZN, Microsoft Corp. MSFT, Advanced Micro Devices Inc. AMD and Space Exploration Technologies Corp. SPCX. Nicholas Mugalli of World Trade Securities says Anthropic has only just begun to reach its potential market.

Mugalli Points to a Computing Buildout Worth About $500 Billion

“Anthropic’s S-1 shows where the AI money goes,” Mugalli wrote on X, listing commitments of $161.2 billion to Broadcom, $114.5 billion to Google, $110 billion to Amazon, up to $84.5 billion to SpaceX and $44.9 billion to Microsoft. The filing also mentions 2 gigawatts of AMD MI450 graphics processing units (GPUs), but does not give their dollar value.

“That’s about $500 billion in computing power commitments across every major chipmaker,” Mugalli said.

Anthropic said in its S-1 filing that its computing system uses several types of chips, including AWS Trainium, Google TPUs, Nvidia Corp. NVDA GPUs and AMD GPUs. The company said it plans to keep making large investments in computing power and infrastructure.

‘It Has Barely Started’

Mugalli connected the spending to Anthropic’s growth and the size of the market it could serve. He said the company’s annual revenue run rate of about $65 billion equals roughly 0.2% of a $30 trillion market.

“That’s the most important number in the IPO,” Mugalli wrote. “This is already one of the fastest-growing companies in history, and it has barely started.”

Anthropic’s filing says that workers whose jobs involve knowledge created more than $40 trillion in economic value around the world in 2025. The company expects advanced AI systems to increase the size of this opportunity.

Mugalli also pointed to Anthropic’s growth in customers. He said the number of customers spending more than $100,000 a year rose from about 950 a year ago to more than 11,900.

The S-1 filing reports that more than 11,900 customers spent at least $100,000 over the past 12 months, more than 1,900 spent at least $1 million, and about 250 spent at least $10 million.